Bowers v. Kerbaugh-Empire Co.

Defendant in error, a New York corporation, sued to recover $5,198.77 paid under protest on account of income taxes for 1921. Revenue Act of 1921, c. 13.6, 42 Stat. 227, 252, et seq.

It owned all the capital stock of H. S. Kerbaugh, Incorporated, engaged in the performance of large construction contracts, and applied to the Deutsche Bank of Germany, through its New York representative, for loans to finance the work being done by its subsidiary. The bank agreed that it would'make the loans by cabling to the credit of its New York representative German marks equivalent in dollars to the…